All Forum Posts by: Brian Smith

I just listed a property and had a great response via leads from zillow, hotpads, trulia, etc, but I've run into a scheduling problem. I try to schedule all my showings in a 2-3 hour window (15 minute increments) on Sundays and I can't find a simple way to keep up with times, contact names, and phone numbers using the standard calendar app for iphone. Has anyone found an app that might be useful for organizing these names and numbers on a per property basis? I have issues with a single rental I can only imagine trying to run 2 different properties and the corresponding tenants for each. Thanks in advance for any help!

started last fall, 3 total, 1 rented, 2nd going up for rent Sunday, and closing on number 3 late May. Good job guys and gals! 

so you're paying 7.5% in fees alone and another 12% in interest to pull your cash back out? Doesn't make much sense to me sounds like some heavy duty leveraging that isn't really necessary. A traditional 20% down loan and 10k in renovations would put you out 25k max and you could buy another right away with the other 35k. This just sounds like a disaster in a down market. Is it a credit score issue? And are you going to use this loaned cash to make another cash purchase? 

I've always gotten immediate results from smart move. If it costs you more time and applicants to get someone easier in then by all means wait it out. This sounds bad and I can sense that from your skepticism you already know to MOVE ON!

One tip if you're putting any signs out. I put a sign that only states XX bed / XX bath in the yard, and I roll up the blinds around the house and put the details with contact info on a sheet of paper and tape it to the inside of the windows. By the time someone calls they have already seen in the house because they took the time to get out of the car and LOOK rather than just call as they drove by. The sign has the price per month, deposit, pet yes/no, and other pertinent screening info on it. Helps to weed out tenants before they ever bother with a phone call. 

The interest incurring on a traditional mortgage is MUCH greater than any tax benefits you may save on the interest. For example if I owe 100,000 on a house and monthly payments of say 500, 100 goes to principle and 400 to interest. In that calendar year I paid 1200 towards the loan and 4800 towards the interest. Yes, I get a tax break on the 4800 in interest i paid, but if I would have paid an extra 100 a month (1200 over that year) I would have saved 4800. why pay 4800 in interest for a $300 tax break? Anyone who says don't pay the extra doesn't understand compound interest or understands interest and wants to loan you more. For me the ONLY time to not aggressively pay a mortgage down is when I need the capital for the next mortgage. Just my 2 cents. Get with a good cpa, there are many tax benefits to owning your rental and congratulations! 

I've started out in a similar situation and just closed on property number 2. I'm targeting SFR's in B/C neighborhoods that make at least 1.5% rent:purchase price. The first property was basically a turn key and gave me some experience being a landlord and the second property is a HUD foreclosure that will need 4-6k in renovations. After this second property I'll be in for around 34k, which still leaves plenty of flexibility for a possible flip or another buy and hold if the opportunity arises. I'm taking it slow and steady, but I can feel the momentum building already as the first property is cashflowing $400/month ($250 realistically if I'm putting back maintenace/vacancy etc). The second property will require some rehab conrtacting to be rentable and should cashflow around the same, BUT is in a better area. After the first property in a lC neighborhood I'm learning that I want to be on the fringe of better areas (something you won't know until you jump in!) I'd advise to make slow and deliberate moves to figure out your risk tolerance and long term strategy. Good luck and hope everything works out!

careful with those numbers that looks like a break even deal by the time you add capital expenditures such as roof or a/c. And if I'm reading correctly you'll only have 3,000 total in the deal for down payment and/or closing? If those are decent numbers for the area and you're only in for 3k then at least you're getting the equity and depreciation! 

Thanks Michael I'll see you there!